Personal Account :-
Debit the receiver
Credit the Giver.
Real Account:
Debit What Come’s in,
Credit What Goes Out.
Nominal Account:
Debit All Expenses and Losses,
Credit All Incomes and Gains.
Personal Account : This Rule Related to Name suppose Farhan, Zaki, Reliable, ITT Council, any Persons name, Firm, Company, Trust, etc.
Transaction For Example -
Purchases Goods from Sanjay Pvt. Ltd. <----- Name is Personal Account Related
Cash Paid to Farhan <----- Name is Personal Account Related
Furniture Purchases From Zaki House <----- Name is Personal Account Related
Real Account: This Rule Related to Assets Suppose Cash, Furniture, Machinery, etc.
Purchases Goods from Sanjay Pvt. Ltd. <----- Assets is Related to Real Account
Cash Paid to Farhan <----- Assets is Related to Real Account
Furniture Purchases From Zaki House <----- Assets is Related to Real Account
Nominal Account: This Rule Related Profit, Gains, Expenses and Losses, for Exp. Shop Rent, Salary, Electricity Bill, etc.
